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| Lloyds makes £400m profit on sale of St James's Place stake | Lloyds makes £400m profit on sale of St James's Place stake |
| (17 days later) | |
| Lloyds has placed part of its stake in wealth management firm St James's Place at 510p a share, bolstering its capital position and making a profit on the sale of £400m. | Lloyds has placed part of its stake in wealth management firm St James's Place at 510p a share, bolstering its capital position and making a profit on the sale of £400m. |
| The bailed out bank had announced on Monday, after the stock market had closed, that it intended to place the equivalent of 20% of the St James's Place company. | The bailed out bank had announced on Monday, after the stock market had closed, that it intended to place the equivalent of 20% of the St James's Place company. |
| The bank inherited a near 60% stake in the firm following its rescue of HBOS in 2008 and will retain a 37% stake in St James's Place following the placing of shares on the stock market, which will be completed on Friday. | The bank inherited a near 60% stake in the firm following its rescue of HBOS in 2008 and will retain a 37% stake in St James's Place following the placing of shares on the stock market, which will be completed on Friday. |
| St James's Place is already in the FTSE 250 index where its shares have been rallying in recent months from just under 400p in December to about 530p at Monday's close. As a result of the placing, the shares were the biggest faller in the FTSE 250, falling 3% to 520p, while Lloyds was one of the biggest risers in the FTSE 100, up nearly 1% at 50p. | St James's Place is already in the FTSE 250 index where its shares have been rallying in recent months from just under 400p in December to about 530p at Monday's close. As a result of the placing, the shares were the biggest faller in the FTSE 250, falling 3% to 520p, while Lloyds was one of the biggest risers in the FTSE 100, up nearly 1% at 50p. |
| Lloyds will not sell off any more of the stake for a year, which will quash any further speculation that the bank will be trying to rid itself of its entire holding – which has been subject of stock market rumour for many months. | Lloyds will not sell off any more of the stake for a year, which will quash any further speculation that the bank will be trying to rid itself of its entire holding – which has been subject of stock market rumour for many months. |
| Lloyds said its capital will get a £600m lift as a result of the sale, because it will revalue the remaining part of the stake. It comes at a time when the Financial Services Authority is reviewing the capital cushions of all the major banks. The regulator is expected to provide a formal update on the health of the banking industry later this month through the Bank of England's financial policy committee. | Lloyds said its capital will get a £600m lift as a result of the sale, because it will revalue the remaining part of the stake. It comes at a time when the Financial Services Authority is reviewing the capital cushions of all the major banks. The regulator is expected to provide a formal update on the health of the banking industry later this month through the Bank of England's financial policy committee. |
| The gross proceeds of the sale are £520m. | The gross proceeds of the sale are £520m. |
| Lloyds, just under 40% owned by the taxpayer, is also preparing itself for a partial privatisation after the bonus of its chief executive, António Horta-Osório, was linked to the shares being sold off at 61p or higher. | Lloyds, just under 40% owned by the taxpayer, is also preparing itself for a partial privatisation after the bonus of its chief executive, António Horta-Osório, was linked to the shares being sold off at 61p or higher. |
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